Staco Insurance Nears Resolution Of Financial Statement Backlog, Plans Capital Injection

Staco Insurance Plc has announced progress in resolving its financial statement backlog and unveiled strategic initiatives aimed at restoring market confidence and driving profitability.

This update comes as part of the company’s broader efforts to reposition itself following the suspension of trading in its shares on the Nigerian Exchange Limited (NGX) in July 2018.

The Board of Directors in a notice to the Nigerian Exchange Limited (NGX) seen by THE WHISTLER said it has resolved outstanding issues surrounding the company’s financial statements for the year ended 2018, recently securing approvals from the National Insurance Commission (NAICOM) and the Financial Reporting Council of Nigeria.

The company noted that the audited financial statement for 2019 has been submitted to NAICOM for approval, while significant progress has been made in preparing the financial statements for 2020 through 2022.

“Upon obtaining the requisite regulatory approvals, all board-approved financial statements will be presented to shareholders at the next Annual General Meeting.

“The AGM is anticipated to take place in the second quarter of 2025, where detailed updates on the company’s activities will also be provided,” it said.

In a bid to return to profitability, Staco Insurance is exploring various options to secure additional capital.

Negotiations are on to attract new investments, subject to prior approvals from NAICOM, NGX, shareholders, and other relevant regulatory authorities.

The capital injection is expected to facilitate the restoration of market confidence, recovery of market share, and continuity of business operations.

To strengthen its leadership structure, Staco Insurance has appointed new members to its executive management team, effective July 1, 2022.

These appointments, which are subject to NAICOM’s ratification, include Dr. Olawale Banmore as Managing Director/CEO.

A seasoned insurance professional with 30 years of experience, Dr. Banmore brings extensive expertise in technical services, strategic marketing, and operations management.

Mrs. Oyenike Nihinlola as Executive Director, Technical & Operations. With over 20 years of experience in insurance, Mrs. Nihinlola has a strong track record in general business, life insurance, reinsurance, and claims.

Mr. Simon Ejima as Chief Compliance Officer. Mr. Ejima’s extensive background in risk management, compliance, and corporate governance positions him well to enhance the company’s regulatory adherence.

“The NGX had suspended trading in shares of Staco Insurance Plc and 7 other companies effective July 5, 2018.

“Most affected are insurance companies. The companies are African Alliance Insurance Plc, Cornerstone Insurance Plc, R. T. Briscoe Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, Universal Insurance Company Plc, and Veritas Kapital Assurance Plc.”

Staco Insurance Nears Resolution Of Financial Statement Backlog, Plans Capital Injection is first published on The Whistler Newspaper